Americans lost $2.7 billion combined to scams originating on social media between January 2021 and June 2023, says a new report from the Federal Trade Commission.
The methods are aplenty, from romance scams to fake merchants, or fraudsters who take over your social media profiles and con your friends out of money.
In some cases, scammers even create advertisements — using each social media platform's own tools — to target users based on age, interests and past purchases.
Those younger users' tech savvy can end up working against them, David McClellan, CEO of cybersecurity startup Social Catfish, told CNBC Make It last year.
"These people are overly trusting of the technology they're using, and they're more apt to respond to a stranger messaging them," McClellan said.
Persons:
David McClellan, McClellan
Organizations:
Federal Trade Commission, FTC, CNBC